The Bank of England cut interest rates from 5% to 4.75% at its latest meeting in November - the second reduction in 2024. Interest rates affect the mortgage, credit card and savings rates for millions of people across the UK. The first drop in rates for more than four years came in August, but borrowing costs remain high for many.

Millions of homeowners and first time buyers were handed a major boost today when the Bank of England slashed another quarter point off interest rates. The decision, which was widely expected in the City, brings the Bank’s benchmark rate down from 5% to 4.75%, its lowest level since June last year.